Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States, Made to the Governor of the State of New York by the Superintendent of Insurance, as of June 21, 1905 with Addendum Covering Matters Referred to Therein

Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States, Made to the Governor of the State of New York by the Superintendent of Insurance, as of June 21, 1905 with Addendum Covering Matters Referred to Therein
Author: New York (State). Insurance Dept
Publisher:
Total Pages: 150
Release: 1905
Genre:
ISBN:

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The Prudential Regulation of the Equitable Life Assurance Society

The Prudential Regulation of the Equitable Life Assurance Society
Author: Great Britain. Treasury
Publisher: The Stationery Office
Total Pages: 56
Release: 2009
Genre: Business & Economics
ISBN: 9780101748124

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In response to the Parliamentary and Health Service Ombudsman's investigation "Equitable Life: a decade of regulatory failure" (HC 815, 4th report session 2007-08, ISBN 9780102957303), the Government accepts that maladministration occurred and that, in some cases, this caused an injustice to some policyholders. The Government apologies to Equitable Life policyholders and will take action to establish a fair ex gratia payment scheme for those policyholders who have suffered a disproportionate impact as a result of the relevant maladministration, although it does not accept that it would be appropriate to provide compensation in the form suggested by the Ombudsman. Sir John Chadwick has been invited to advise the Government on the matters relevant to disproportionate impact suffered by current and former Equitable Life policyholders. The Ombudsman's investigation did not consider the actions of Equitable Life but such matters are relevant to the design of the payment scheme, especially as Lord Penrose's report (HC 290, session 2003-04, ISBN 9780102926880) found that Equitable Life was principally the author of its own misfortunes. Sir John will advise on an appropriate apportionment of losses between the public bodies investigated by the Ombudsman and the actions of Equitable Life and other parties.

Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States

Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States
Author: New York
Publisher: Forgotten Books
Total Pages: 90
Release: 2017-12-20
Genre: Reference
ISBN: 9780484194495

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Excerpt from Preliminary Report on the Investigation Into the Management of the Equitable Life Assurance Society of the United States: Made to the Governor of the State of New York by the Superintendent of Insurance, as of June 21, 1905 With Addendum Covering Matters Referred to Therein Sir - The Equitable Assurance Society of the United States is one of the largest insurance companies of the country. It was examined! By the Insurance Department in the year 1901 and found entirely solvent. Its annual report for the year 1904 shows that it was financially sound, had a large surplus and was in a prosperous condition. It was therefore a great surprise to me as well as to the public generally 'when internal dissensi-ou arose in this institution. It started in the Equitable Building, the home office of the Society, in the city of New York, and among its directors and highest officers. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Report of the Financial Services Authority on the Review of the Regulation of the Equitable Life Assurance Society from 1 January 1999 to 8 December 2000, Which Her Majesty's Government Is Submitting As Evidence to the Inquiry Conducted by Lord Penrose

Report of the Financial Services Authority on the Review of the Regulation of the Equitable Life Assurance Society from 1 January 1999 to 8 December 2000, Which Her Majesty's Government Is Submitting As Evidence to the Inquiry Conducted by Lord Penrose
Author: Financial Services Authority (Great Britain)
Publisher:
Total Pages: 264
Release: 2001
Genre:
ISBN: 9780102912586

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On 8 December 2000 Equitable Life announced that it would stop writing new business. This followed a period of uncertainty following a House of Lords judgement, which ruled that it was a breach of contract for them to reduce the terminal bonuses of policyholders who had an annuity at a fixed guaranteed rate. This report examines background to the problems of Equitable Life and the regulatory lessons that could be learnt. It describes the regulatory structure under which Equitable Life operated; the nature of the Guaranteed Annuity Options of the policies and the solvency regime of the Insurance Companies Act 1982. This is followed by a narrative account of the events leading to the FSA assuming responsibility for the prudential regulation of Equitable Life and there is an assessment of the way the FSA and PIA discharged their statutory functions. Finally there are a number of recommendations that cover such issues as: solvency standards; guarantees and options within policies; financial reinsurance; control levels; the role of the appointed actuary; disclosure; the regulatory approach.